No. 2207

AUGUST 6, 1999

CHARLES HEIMBOLD APPOINTED TO NY FED BOARD OF DIRECTORS

NEW YORK – Charles A. Heimbold, Jr., chairman and chief executive officer of Bristol-Myers Squibb has been appointed to the board of directors of the Federal Reserve Bank of New York, it was announced today.

Mr. Heimbold succeeds Thomas W. Jones, co-chairman and chief executive officer of SSB Citi Asset Management Group as a class C director. He will join the board immediately, filling the unexpired portion of a term ending December 31, 2000. Bristol-Myers Squibb is a diversified health and personal care company.

Mr. Heimbold joined Bristol-Myers Squibb in the legal department in 1963. He was appointed director of corporate development in 1970 and vice president, planning and development in 1973. In 1981 he was promoted to senior vice president, planning and development.

Mr. Heimbold was named president of the health care group in 1984 and president of the consumer products group in 1989. He was elected executive vice president and a director of the company in 1989 and became president in 1992. In January 1994, he was named chief executive officer and in May 1995, he became chairman of the board.

Before joining Bristol-Myers Squibb, Mr. Heimbold was an associate with Milbank, Tweed, Hadley & McCloy, a New York law firm.

Mr.Heimbold served as an officer aboard a destroyer in the U.S. Navy from 1954 to 1957.

He serves as chairman of the board of overseers of the Law School of the University of Pennsylvania in addition to serving as a trustee of the University of Pennsylvania and the American Museum of Natural History. Mr. Heimbold also serves on the board of directors of the Mobil Corporation and as chairman of the board of directors of Phoenix House, a non-profit agency devoted to drug abuse treatment.

Mr. Heimbold is a director and past chairman of the board of directors of the Pharmaceutical Research and Manufacturers of America.

He is a graduate of Villanova University and the University of Pennsylvania Law School. He received a Master of Laws degree from New York University and completed an international program at the Hague Academy of International Law. In May 1998, he received an Honorary Doctor of Humane Letters from Villanova University.

He and his wife, Monika, live in Riverside, Connecticut. They have a daughter and three sons.

The Board of Directors of the Federal Reserve Bank of New York is comprised of nine members, six of whom (three class A and three class B directors) are elected by depository institutions of the Federal Reserve's Second District. The remaining three (class C directors) are appointed by the Board of Governors of the Federal Reserve System. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business and industry, agriculture, labor and consumers.